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Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.9% - Here's What Happened

Rivian Automotive logo with Auto/Tires/Trucks background

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shot up 1.9% during mid-day trading on Thursday . The stock traded as high as $13.43 and last traded at $13.45. 5,978,147 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 33,315,608 shares. The stock had previously closed at $13.20.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RIVN. Robert W. Baird dropped their target price on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Stifel Nicolaus boosted their target price on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. The Goldman Sachs Group decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Guggenheim reiterated a "buy" rating and issued a $16.00 price objective on shares of Rivian Automotive in a research note on Tuesday, May 6th. Finally, Mizuho increased their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Three research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $14.38.

View Our Latest Report on RIVN

Rivian Automotive Stock Up 0.9%

The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. The company has a market cap of $15.06 billion, a PE ratio of -3.58 and a beta of 1.81. The stock has a 50-day moving average of $14.20 and a 200-day moving average of $13.12.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. During the same quarter in the previous year, the company posted ($1.48) earnings per share. The company's revenue was up 3.0% compared to the same quarter last year. Sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,428 shares of the business's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the sale, the chief executive officer owned 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. The trade was a 4.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the sale, the chief financial officer directly owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 241,407 shares of company stock valued at $3,553,883. Corporate insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RIVN. Brighton Jones LLC raised its position in Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after purchasing an additional 3,864 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of Rivian Automotive by 91.1% in the 4th quarter. Jones Financial Companies Lllp now owns 25,202 shares of the electric vehicle automaker's stock worth $335,000 after buying an additional 12,014 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after purchasing an additional 133,781 shares during the last quarter. Keybank National Association OH purchased a new stake in Rivian Automotive during the 4th quarter valued at $141,000. Finally, Proficio Capital Partners LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at $487,000. Institutional investors own 66.25% of the company's stock.

About Rivian Automotive

(Get Free Report)

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.

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